Daniel Stewart - £1.74m Loss In The Last Year

[chilledbear 16]

http://www.dailyrecord.co.uk/news/scottish-news/revealed-rangers-latest-financial-advisers-2673832?utm_source=twitterfeed&utm_medium=twitter

 

Auditors Keelings Ltd state: “The company incurred a net loss of £1,743,439 during the year ended March 31, 2013 and subsequent to the year-end incurred further losses.”

 

The auditors add that, in their view, statements from Daniel Stewart “indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern”.

[andy steel 0]

Which company, Daniel Stewart or Rangers company?

[chilledbear 16]

Daniel Stewart

[Calgacus 8]

The money they'll make from the Rangers account will soon have them back in profit!

[ian1964 10,409]

A financial advisory firm appointed by Rangers is under threat from going bust with its own cash flow problems, it has emerged.

 

Daniel Stewart is the third firm the club have appointed to oversee its monetary affairs in the last six months. But the London-based firm reported losses of £1.74 million in the last year, a figure that casts their credentials into doubt.

 

The firm was appointed by the club on October 1 to act as financial advisers after two previous companies, Strand Hanson and Cenkos, parted ways with the club. The firm’s own auditors admitted that cash flow problems may see the club go bust before the end of the year.

 

“The company incurred a net loss of £1,743,439 during the year ended March 31, 2013 and subsequent to the year-end incurred further losses... [the statements] indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern.”

 

Daniel Stewart, who are alleged to have close links to former Rangers chief executive Charles Green, are charged with naming a date for the club’s forthcoming agm, which was pushed back after a successful legal bid led by former director Paul Murray.

 

An AIM spokesperson told the Daily Record that a financial advisery firm is not obliged to be in the black to be qualified to undertake its duties.

 

http://www.scotsman.com/sport/football/spfl-lower-divisions/rangers-ibrox-financial-advisers-may-go-bust-1-3172449

[the gunslinger 3,366]

green will sort them out with his loot.

[BlueMazza 0]

A financial advisory firm appointed by Rangers is under threat from going bust with its own cash flow problems, it has emerged.

 

Daniel Stewart is the third firm the club have appointed to oversee its monetary affairs in the last six months. But the London-based firm reported losses of £1.74 million in the last year, a figure that casts their credentials into doubt.

 

The firm was appointed by the club on October 1 to act as financial advisers after two previous companies, Strand Hanson and Cenkos, parted ways with the club. The firm’s own auditors admitted that cash flow problems may see the club go bust before the end of the year.

 

“The company incurred a net loss of £1,743,439 during the year ended March 31, 2013 and subsequent to the year-end incurred further losses... [the statements] indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern.”

 

Daniel Stewart, who are alleged to have close links to former Rangers chief executive Charles Green, are charged with naming a date for the club’s forthcoming agm, which was pushed back after a successful legal bid led by former director Paul Murray.

 

An AIM spokesperson told the Daily Record that a financial advisery firm is not obliged to be in the black to be qualified to undertake its duties.

 

http://www.scotsman.com/sport/football/spfl-lower-divisions/rangers-ibrox-financial-advisers-may-go-bust-1-3172449

 

So who at Rangers are they pals with? Can't be a coincidence we select them as FA's then it's revealed they are making a loss? How much of what we have left will go to them?

[Zappa 0]

How on earth do a well paid financial advisory firm end up £1.74 million in the black inside a year?

 

Is this mob like some sort of Trotter inc?

 

I'm getting a vision of Del Boy walking into Ibrox rubbing his hands and saying "This time next year, we'll be millionaires Rodney!"

[stewarty 1,876]

Another startling revelation. These are the guys that are standing in the way of King getting on the Board, when there appears to be no rational reason, other than to maintain control for the likes of BPH and Margarita for as long as possible.

 

In the meantime, our cash position dwindles by the hour.

[forlanssister 3,050]

Heard they barely made their pay run just before Green & Co appointed them.

 

Auditors issue “material uncertainty” warning the firm may not generate sufficient cash to see out the current financial year

 

Auditors to Rangers International Football Club Plc's nominated advisor Daniel Stewart & Company have warned there is a “material uncertainty” the firm will have enough cash to see out the current financial year.

 

In accounts filed with Companies House, a week after being appointed as Rangers nominated advisor, Daniel Stewart & Co reported annaul losses of £1.74 million for the 2013 year to March 31.

 

The company had reported a pre-tax loss of £1.49 million the previous year.

 

In latest annual accounts, the company's auditors have included an 'emphasis of matter' when assessing if Daniel Stewart & Co has sufficient cash to continue trading as a going concern.

 

The auditors state: “The company incurred a net loss of £1,743,439 during the year ended March 31, 2013 and subsequent to the year-end incurred further losses.

 

“The going concern status of a company is dependent on the company being able to substantially achieve management forecasts of income to be generated or the raising of funds in the immediate to short term.”

 

The auditors go on to state in their view, statements provided by the company “indicate the existence of a material uncertainty which may cast doubt about the company's ability to continue as a going concern”.

 

Daniel Stewart notes in the accounts delays in “significant transactions”, reduction in both “expected and actually realised value of assets” and debtors going out of business have continued to have “adverse effects” on cash flow - since the fiscal year end.

 

The 2013 accounts were signed off on September 30, the day before Daniel Stewart & Co were appointed as Rangers new nominee advisor on October 1.

 

Rangers International Football Club Plc (RIFC) updated the market it had changed its nominated advisors to Daniel Stewart & Co - its third nominated advisor appointment to date - on October 1, the same day RIFC filed its annual accounts.

 

Daniel Stewart states in an assessment of potential income in the 2013 accounts, any one of a number of potential pitfalls identified could affect its ability to continue trading “without recourse to additional finance”.

 

The firm said it restructured in September 2012, “removing approximately £1 million” a year in costs, which the accounts show was achieved through cutting staff costs.

 

Accounts filed with Companies House show Daniel Stewart & Co had £677,041 in cash at the year-end to March 31 to fund its operations.

The company reported administrative costs of £2.46 million for the 2013 year to March, down from £3.4 million in administrative costs reported the previous year.

 

http://www.business7.co.uk/business-news/scottish-business-news/2013/11/04/rangers-latest-financial-advisers-daniel-stewart-co-report-1-74m-annual-loss-106408-24021421/